Gold futures gain 0.5% on global cues

Participants enlarged positions tracking a firming global trend

Tracking a firming global trend, gold prices rose by 0.54% to Rs 28,970 per ten grams in futures trade today as participants enlarged positions.

At the Multi Commodity Exchange, gold for delivery in far-month August rose Rs 156, or 0.54% to Rs 28,970 per ten grams in a business turnover of 32 lots.

Likewise, the metal for delivery in June traded higher by Rs 147, or 0.51% to Rs 28,793 per ten grams in 2,035 lots.

Analysts said a firming trend in the global market where gold rose after the release of minutes from the Federal Reserve's latest meeting showing policymakers broadly agree the US interest rate should remain low, boosting the appeal of the metal.
 

Globally, gold advanced 0.4% to $1,227.60 an ounce in Singapore.